We are hitting first offers this morning at 80c/€, five points above the best offer we are seeing - there will be a little squeeze today. Even so,

Wolfgang Felix2 February 2026MAXEDA

Maxeda - comment

The tougher weather comps are here, and as indicated, LfL sales have gone into reverse, except a little more than we thought. Even though

Wolfgang Felix19 December 2025MAXEDA

Maxeda Idea Pitch Video Now Available

Maxeda Idea Pitch video is now live. You can find it on the Sarria website landing page and on the dedicated Maxeda page.

Wolfgang Felix14 October 2025MAXEDA

Maxeda - The Times They Are A-changin' - Model Update - Positioning

Please find our updated analysis here.

The European market feels very soft, and we are not sure a new French PM is immediately going to fix this. It’s raining bonds from the 90s down to

Wolfgang Felix13 October 2025MAXEDA

Maxeda - comment

Maxeda management are clutching their purse ahead of the A&E showing a frugal performance in Q2. Revenues (only the big boxes are

Wolfgang Felix2 October 2025MAXEDA

Maxeda - Ahead of the A&E

Please find our updated analysis of Maxeda here.

We had expected to see the A&E already agreed by now, but it’s taking longer and for all the right reasons. All stakeholders would likely agree that investment in

Wolfgang Felix26 August 2025MAXEDA

Maxeda - comment

Now is the time. Around 90c/€, the bonds are almost begging for an A&E that looked impossible only six months ago. The weather has

Wolfgang Felix2 July 2025MAXEDA

Maxeda - comment

Maxeda requires a strong tailwind to assist in a likely amend and extend of its upcoming maturities. Hornbach’s Q1 numbers show

Wolfgang Felix24 June 2025MAXEDA

Maxeda - Do you sell sunglasses?

Please find our updated analysis of Maxeda here.

Surviving line from our previous analysis: "Until recently a restructuring looked inevitable, whereas with the savings from energy (and a little bit more luck), a

Wolfgang Felix19 May 2025MAXEDA

Maxeda - comment

We note that the indicated Q125 outperformance is only on weather related products and does not indicate a change in trend. Regardless, bonds

Wolfgang Felix14 May 2025MAXEDA

Maxeda - Of Fundamentals, Valuations, Recaps, A&E/LMEs and Dividends

Please find our updated analysis of Maxeda here.

We’ve been long the name last year, while looking for a margin improvement that only came once we had given up. By itself, that improvement is not going to

Buy SideWolfgang Felix12 March 2025MAXEDA

Maxeda - comment

Maxeda revenues came in line, but the company beat our EBITDA projections on more aggressive in-store staff cuts to post €15m of EBITDA vs. our

Wolfgang Felix19 December 2024MAXEDA

Maxeda - comment

Kingfisher’s reported Q3 French LfL sales down 4.3%, led down by Castorama. Consequently, Maxeda’s bonds dropped into the low 70s, but in our opinion, that

Wolfgang Felix26 November 2024MAXEDA

Maxeda - The Other Angle - Positioning

Please find our updated analysis on Maxeda here.

We are becoming increasingly concerned about Maxeda due to the continued decline of non-weather sales especially in the Belgian Big Box stores as

Glenn Zahn18 October 2024MAXEDA

Maxeda - comment

Results this morning were largely in line with projections, except that sales volumes were apparently lower on higher-priced product. The company needs to

Wolfgang Felix18 September 2024MAXEDA

Maxeda - What's the New Normal?

Please find our updated analysis of Maxeda here.

Results were mixed on the Q1 call. The cost position had improved remarkably, but primarily due to lower energy cost, which we had weighted towards the back end of

Wolfgang Felix5 July 2024MAXEDA

Maxeda - comment

Q1 was largely on target, delivering €1m more EBITDA than expected and zero net cash flow, as per model. The annual tax charge came again

Wolfgang Felix19 June 2024MAXEDA

Maxeda - Endogenous Drivers - Positioning

Please find our updated analysis of Maxeda here.

We had been lukewarm on the name and we are still not deeply in love with it. But last week’s reporting seems to have confirmed enough cost savings initiatives to

Wolfgang Felix20 May 2024MAXEDA

Maxeda - Not a DIY job

Please find our new analysis of Maxeda here.

We previously missed the trade on Maxeda when they traded off sharply in the early days of the pandemic, only to rebound sensationally as people flocked to

Wolfgang Felix16 April 2024MAXEDA

Maxeda - Home spending continues in Q2

Please refer to our analysis here.

Early in March, we had formed the view that demand for DIY was going to be strong. The company, of course, has had a record quarter despite restrictions and

Wolfgang Felix4 June 2020MAXEDA